As of now Canada is set to increase the cost of studying in Canada for students wishing to join in Fall 2025 intake. This is most certainly not positive news for many as the government seems to be putting more restrictions on the amount of financial support required for applying, making the entire process more tedious for students. Instead of easing the financial burden for students, now proves to be an even greater obstacle where students have to show proof of an additional 2000 canadian dollars. Based on the report from the CIC, it is clear that the Immigration, Refugees and Citizenship Canada (IRCC) has tightened their policies revolving around finances for subsidising the study permit application. Students coming from overseas to Canada are required to provide strong financial documentation supporting their tuition and living expenses. Subsidy policies support certain expenses such as the first-year fees and travel outlays. The range for proving $20,635 has shifted to $22,895 (approximately Rs. 14.39 lakhs).Why does the government require proof of financial support?In Canada, the cost of living and food is quite high. Therefore, the government wants to ensure that no student comes here to study who has the means to pay for tuition and flights but lacks funds for basic living expenses. If students with limited financial resources come here, then the financial burden on the government is bound to increase. There is also a strong chance that such students might resort to illegal employment. This is why the government only issues study permits to students with sufficient financial support.What are the dates of the new rules coming into effect?The Fall intake is the most sought-after in Canada since students from nearly all countries, including India, come here to study. Given this fact, the new rules will apply to students applying for a study permit on or after September 1. Canada has increased the limit of financial aid because of the higher cost of living and food expenses. If the student is coming here just to study, then he will now need to show proof of having $22,895. For each person accompanying the student, he or she will have to show an additional $6,000 approximately.What are the documents needed to prove financial support?But this now raises the question of what a person would need to show for a study permit application. The IRCC considers the following as financial support documents. A study permit can be issued by providing any one of these proofs.A bank account in Canada bearing the student’s name with funds deposited in it.A ‘Guaranteed Investment Certificate’ (GIC) issued by a Canadian financial institution.School records or an education loan taken from a bank. Statement from the last four months. Draft that is exchangeable into Canadian dollars. Letter(s) received(s) which corroborated payment made was from a school or an individual. Scholarship letters received from Canada.
Around the web
